Personal Business Philosophy The Purpose Of Business

Personal Business Philosophy The purpose of business, in addition to making money, is production. I believe that production is the purpose of business because it means the production or manufacturing from components or raw materials to produce something new. When you create a product from new materials, new products are created that may make it easier for society to benefit from. Imagine a world where we could only access the materials, tools, and resources that were in walking distance of our living area. I can only imagine that it was hard back in the 1800s for people to get the medicine they needed, the food they needed, or even clothes to wear. Henry Ford has a great opinion on the fact that many people are not fit to do every job, and he touches on the idea of people producing for an exchange of goods that they need. He said, â€Å"It is self – evident that a majority of people in the world are not mentally – even if they are physically – capable of making a good living. That is, they are not capable of furnishing with their own hands a sufficient quantity of the goods which this world needs to be able to exchange their unaided products for the goods which they need† (Henry Ford, p. 500 line 30). In the grand scheme of things, production is in all areas of life. Everything that we have is produced in some way or another. If you need a car, it is produced or manufactured, if you need medicine, scientist make drugs by producing them, if you need food, there are groceryShow MoreRelatedMarketing, Customer Value, and the Link1750 Words   |  7 PagesIn today’s economy, firms are no longer the center of business. In order to survive, companies need to acknowledge the fact that business now revolves around customers (Keith, 1960). As a result, marketing becomes one of the most prominent philosophies in business. Therefore, to get a better understanding of today’s business, this essay will be discussing about three important concepts. 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